What is “KYC” and Why Does It Matter?
From OCR, to SDK and even TIN, you could be forgiven for thinking the language of Anyline is ‘Acronymish’! But one acronym we really like here is KYC.
KYC stands for ‘Know Your Customer’, and in business terms, it is the way companies can correctly verify the identity of their users. As businesses and authorities digitally transform their services, they need this technology to instantly collect ID information and register their customers.
“KYC has become an important topic for financial institutions through regulations like AML5 (we will link to your blog). Making sure your customers, whether they are institutions or individuals, are who they say they are can only be done with leading technological solutions”
– Russell Perry Founder & CEO at kompany
It is one of our main initiatives here at Anyline and revolves around our technology that enables our clients to simply, know their customers better. This technology utilizes our scanning software to read pieces of identification and automatically convert the characters into actual digital data. Immediately, you can see the potential this technology has in a variety of industries.
Allows us to break down a few that we are focusing our efforts on.
“May I see your passport, please?” is one of the most common phrases that you will hear within the hospitality industry. Every check-in requires personal data to be put into a system and traditionally, this has always been done with manual entry. How “1990”! But thanks to Anyline Scanning Technology, all that the agents need to do now is simply scan the correct documents with a mobile device and within seconds, that information is automatically integrated into their system. Fast, accurate, and speeding up a long process. Clizzz, a mobile check-in provider in Spain, has been utilizing Anyline Scanning since December 2016, with over 400 properties integrated. To read more about this success story, click here!
Does this sound familiar? You are required to go to a storefront location and manually fill out an application form, which then has to be manually entered into a system. Precious hours of your time are gone and hopefully, no errors were made by that double manual entry process. When it comes to the telecommunications industry, this process is unfortunately an acceptable standard for registering with a company to activate a SIM card or service. But what if you didn’t need to travel to a store location – or even better, fill out any forms! Well, thanks to Anyline, we welcome you to the 21st century! Safaricom, a telecommunications provider in Kenya, has leapfrogged the entire industry by doing just this. You can read the entire success story here!
When it comes to banking or anything surrounding the finances of customers, the only word that dictates process is “security”. Little else matters and the industry is notorious for long-stretched processes. But what if efficient service was supported with equally strong security and privacy? With Anyline Scanning Technology, not only is the data capture quicker and more accurate than by hand, it is also as 100% secure. The data is captured and processed offline, only connecting to the banks relative application. This is exactly why our client, Cashpresso, has done when it comes to customer onboarding. You can read that success story here!
Think back to the last time you boarded an international flight. Do you remember the pain of that boarding process and the line that inched forward thanks to the lengthy process of ticket and passport checking by the agent? This is an industry requirement and failures or mistakes made can result in fines upwards of $100.000! That said, with our scanning technology, this process can be simplified as airlines can proactively check personal documentation and direct passengers accordingly. Gone are the days of needing to pass that single point of contact!
Renting a car is usually the last of many long and drawn out processes most of us face when traveling. Worse still, 90% of the time is spent waiting for the agent to fill out information including what is written on your personal ID. This is a challenge faced industry wide, and all around the world. Fortunately for everyone, Anyline Scanning Technology can turn this process into an instant task, getting the customer on their way in a fraction of the time. In an industry as competitive as automotive rentals, this simplified process can be the difference maker!
A car crash or incident is a moment we never see coming, but when it does, adrenaline rushes through our mind and it is easy to forget everything needed. One of the most important things, of course, is exchanging information and capturing photos of the damage. Traditionally, this is all done manually as you scramble through your glove box looking for a pen. But it doesn’t have to be, and with Anyline Scanning, this process can all be done on the spot. Better yet, when integrated with an insurance provider application, it can all be done and processed on the spot. This helps to organize the information, ensure accurate data collection, and eliminates the anxiety and stress of being in an accident. This is exactly what one of our clients, MySchaden24, is doing as a mobile automotive insurance provider. You can read their success story on our blog, here!
By now, you are hopefully getting the idea of what KYC is and why this is such a large focus for us. It has endless potential and the industries mentioned above are only the start. Simplifying the customer onboarding process is going to be a trend we see more of in the coming years, ideally thanks to Anyline and our Scanning Technology.
Stay up to date on the latest AI & OCR News
Want to stay up-to-date on all the latest mobile text recognition technology news?
Or join our mailing list to get all Anyline announcements sent straight to your inbox.
Contact us via social media or else send us an email at [email protected], if you have questions, feedback or suggestions.